I’ve recently become a Quickbooks Pro Advisor. Quickbooks is one of the most widely used accounting systems amongst the small and medium sized business community.
Make sure that you utilize QB’s or whatever your accounting and financial reporting software to run your business as efficiently as possible. Make sure your financials are accurate and that the users of the financial statements (bankers, partners, shareholders, operating management) can depend on the data contained within the financial statements and make decisions accordingly.
Check your bank covenants – your banker might require GAAP (generally accepted accounting standards) financials.
And if you are planning a trade sale of your business, your financial statements should be the foundation for a multi year projection that might be the basis for a model for a valuation for your firm. Well prepared financials and wise financial advisors can assist you in maximizing the proceeds of your business.
So extract as much value as possible from QB’s.